Railway porter-turned-billionaire financier George Soros delivered a stark warning last night that the financial world is on the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis.
The man who ‘broke’ the Bank of England (and who is still able to earn a cool $3.3 bln in a year) said the same strategy of borrowing and spending that had got us out of the Asian crisis could shunt us towards another crisis unless tough lessons are learned.
Soros, who worked as a porter to pay for his studies at the London School of Economics after emigrating from Hungary, warned us to heed the lesson that modern economics had got it wrong and that markets are not inherently stable.
“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told a meeting hosted by The Economist at the City of London’s modern and impressive Haberdashers’ Hall.
“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.
“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
One crumb of comfort could be the 10-year period between the 1998 Asian crisis and the 2008 credit crisis. If the pattern is repeated, it should at least mean we have another 8 years to go before the next crash…
Well then there is still plenty of time to prepare. Stock up on food, water, toilet paper; and oh yea, gold and silver too!
ReplyDeleteFive separate, but well coordinated, headlines shot the DOW up over 100 points today. These desperate acts, designed to keep green arrows daily, are extremely scary and must be viewed with caution.
ReplyDeleteYour gonna stock up on food, water and toilet paper for eight years?
ReplyDeleteYou go Ole boy
You go !
5:11 - why not?
ReplyDeleteIf that is the time table, so be it. It is called ROTATION. You use and eat the items as you rotate them, but you always have plenty on hand. At least a year.
While 3:15 is eating, you will be at Camp Fema.
He smart, u is dumb.
I know I is dumb ; very, very dumb.
ReplyDeleteThanking you so very much for reminding me how very dumb I am.
I bow humbly before your superior breeding and intellect and am in constant awe of your obvious
superior intellect.
Forgive me for intruding upon your higher thought processes - I promise to try and due better in the future.
Respectfully yours,
Born Loser
550
ReplyDeleteu funny dum
I we have eight more years before the crash, it's gonna be a long, bumpy ride. I've been unemployed for nearly 2 years already.
ReplyDeleteSoros will never be out of the market.
ReplyDeleteCapital that doesn’t grow its value is lost .
Soros is a parasitical Hedge fund operator that manipulates the markets of casino capitalism.
He can make propaganda to lull the market to take one direction while he may take out bets covering his losses if the market moves in a different direction.
Heads I win Tails You lose!
“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.”- especially if the financial system is run by liars and crooks like Soros himself. The only policy we need to adopt is to ban all the Jews from the financial system. Where did I get this idea? Oh, I just watch a documentary called “Defamation” produced by an Israeli citizen. His grandma in an interview said it all. She said all Jews are crooks. So those of you who were preparing your “anti-semitic” labels for my post can actually roll them up and shove them up your a$$.
ReplyDeleteNo crash coming. Still making great cash on the stock markets. I predict my stocks will do great tonight! Markets will just boom from now on. Money Money Money! This is the best I've seen it and it's only getting better.
ReplyDeleteLuckily, I did the opposite of the advice found here and on other boards. I bought plenty of stocks when they hit bottom, now my stocks have more than doubled in value, some 4 times in value, and the dividends are fantastic.
I'll be buying a new car soon, and a second home.
This is testimony that the economy is improving fast!
In a financial crisis it is “normal” to have a first crash on the stock markets followed by a short boom where the index often returns to a euphoric level higher than before the first tremor.
ReplyDeleteThen comes the real and deeper second crash.
The present "confidence" boom is mainly the result of companies investing free money in each others shares with ‘liquidity” given by the government.
The stock exchange for buying fictionaly valued assets is not the real economy.
11.05
ReplyDeleteWhen you buy that new car you had better buy a fast one for the getaway.
Make sure the accelerator pedal is fine.
Soros is hedged ,watching ,ready to pounce on the suckers in the next stage of the meltdown
I hope it doesn't crash for another 8-10 years...Seriously stock up...pay down debt and prepare not only with guns or food but books and learn some new trades/skills...In the end only way to survive is to improve yourself.
ReplyDeleteIt's not just the basics because thats NOT living...It's about enjoying things too...So getting in better shape and picking up some smith/welding/EMT skills be nice.
It ain”t over till the fat lady sings”
ReplyDeleteHundreds of millions mysteriously reported moving here, as in the This report
http://thecomingdepression.blogspot.com/2010/04/did-fed-just-bail-out-europe.html
And hundreds of millions moving here in this report.
http://www.zerohedge.com/article/imf-prepares-global-cataclysm-expands-backup-rescue-facility-half-trillion-contribution-glob
“ What is most troublesome is the massive expansion of the NAR. If the IMF believes that over half a trillion in short-term funding is needed imminently, is all hell about to break loose ?”
All preparations are being made for the final act and its curtains for the U.S.
Dollar Hegemony .
Were those selected and invited world leaders discussing things in a show for Obama promotion really playing twidleedinks with nukes , or discussing the progress of the derivatives bombs exploding in the financial world?
Your poll this week:
ReplyDeletePaul is a long-shot for the Republican nomination for president by any standard, but a Rasmussen poll finds him in a statistical tie with President Barack Obama.
The survey, released Wednesday by the conservative-leaning organization, finds Obama edging out Paul by 42 points to 41 in a hypothetical 2012 matchup. Eleven percent said they would prefer a different candidate, while 6 percent were undecided.
http://rawstory.com/rs/2010/0414/obama-dead-heat-ron-paul/
Of course you would have to beleive in the power of votes, not the elite owned media
and money ,or computerised "counting" that wins these elections for these elections to be meaningful anyway.
I read the Zero Hedge article about the IMF. Apparently the USA's obligation to help bail out Europe just went up tenfold. The question is where the money is supposed to come from? I don't get your other comment: "Hundreds of millions mysteriously reported moving here." At first I thought you were talking about people, but maybe you mean dollar bills? And if the articles are correct, then no money is coming here, it's all going overseas to the IMF.
ReplyDeleteThe super Jew is speaking and everybody is listening. What new trade is in the works?
ReplyDeleteClassic comments today, freakin funny!
ReplyDeleteseems like a trap to me with the rip off of savings purchace power at the banks and governments and a forcing of the money into risk aS If they would be easier plunder, as investing has become more a gambling casino than an aid to business and the proxy statements and quarterly reports a referendum of the board of directors sancrifying the rip off salarys of the board and insider employees
ReplyDeleteand then take Buffet and his insider dealings with government bribe takers and kickback scammers setting up a 10 percent return on his investment moneys while anyone else dealing with government todat gets less than one percent, id be doing well if i got ten percent secure returns and everyone else got one percent,
ReplyDeletethen there is the thought that the whole system is so corrupted that reversal would bankrupt 90 percent of the system and people if things were set right or corrected and is an insanity that requires the continuation of the status quo and the errantness itself as correction and the maintenance of the 10 percent with the 60 percent of everything know an thye ruling elite......fascists
ReplyDeleteI am very impressed with this list! Thank you. It's really going to help me out.
ReplyDelete